The naira extended its steady recovery against the United States dollar on Friday, closing at N1,337.28 at the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated by N1.29 compared with the N1,338.58 recorded on Thursday.
The latest figure represents a 0.09 per cent gain over Thursday’s exchange rate.
The naira has maintained an upward trajectory throughout the week, continuing a recovery that has lasted for about two weeks.
Trading resumed on Wednesday following Tuesday’s Eid-el-Maulud public holiday, with the currency quoted at N1,343.59 to a dollar.
It subsequently gained N5.01 on Thursday to close at N1,338.58 per dollar.
At the beginning of the week, the naira traded at N1,346.97 to the dollar on Monday before recording further gains in subsequent sessions.
Overall, the currency strengthened by N9.69 against the dollar between Monday and Friday at the official market.
Friday’s closing rate also represents a 0.72 per cent appreciation from Monday’s N1,346.97/$ level.
The latest performance indicates that the naira continues to consolidate its recent gains in the official foreign exchange market.
Post A Comment: